Business
CPI Card Group Inc. Reports Second Quarter and First Half 2021 Results
Q2 Net Sales of $93.2 Million, Up 31% Year-Over-Year Q2 Net Income of $6.2 Million, Up 387% Year-Over-Year Q2 Adjusted EBITDA of $19.3 Million, Up 91%
About this update from Cpi Card Group Inc.
[{"type":"text","content":"\nQ2 Net Sales of $93.2 Million, Up 31% Year-Over-Year \n\nQ2 Net Income of $6.2 Million, Up 387% Year-Over-Year \n\nQ2 Adjusted EBITDA of $19.3 Million, Up 91% Year-Over-Year\n\nNew Customer Additions Contribute to Strong Growth\n\nStock Begins Trading on Nasdaq\n\n LITTLETON, Colo.--(BUSINESS WIRE)--\nCPI Card Group Inc. (Nasdaq: PMTS; TSX: PMTS) (“CPI” or the “Company”) today reported financial results for the second quarter and first half ended June 30, 2021.\n\n“Our strong second quarter and first half results reflect the continued successful execution of our strategy, as demonstrated by on-boarding new customers, including in the growing FinTech space,” said Scott Scheirman, President and Chief Executive Officer of CPI. “Our focus on meeting our customers’ needs with high quality and differentiated products and solutions drove strong performance across our segments.”\n\nScheirman continued, “Our success reflects the commitment of our organization to be the partner of choice to our customers by providing market-leading quality products and customer service.”\n\nFirst Half 2021 Business Highlights\n\n\nCPI’s comprehensive end-to-end solutions contributed to earning new FinTech and traditional financial services customers.\n\n\n\nCPI’s market leading quality and tamper-evident prepaid packaging solutions drove higher demand and volumes, including earning the prepaid portfolio of another large U.S. national chain.\n\n\n\nWe generated incremental net sales from customer demand for higher-priced contactless sales, as the U.S. payment card market continues its ongoing transition to contactless solutions.\n\n\n\nWe continued to lead the eco-focused payment card market, as evidenced by selling over 33 million eco-focused cards, including Second Wave®, since launch in 2019.\n\n\n\nOur innovative personalization services also contributed to net sales growth over the prior year, including from our Card@Once® Software-as-a-Service instant issuance solutions and CPI On-Demand®.\n\n\n\nThe Company refinanced its debt, extending maturities and enhancing liquidity, and reduced outstanding debt by more than $30 million since December 31, 2020, resulting in net leverage ratio of less than 4x at June 30, 2021.\n\n\nSecond Quarter 2021 Financial Highlights \n\nNet sales increased 31% year-over-year to $93.2 million in the second quarter of 202...